CoinShares published estimates regarding the efficiency of the Bitcoin network and its impact on the planet.
) mining network emitted 42 megatons, or Mt, of carbon dioxide, or CO2, in 2021. In context, the number amounts to less than 0.08% of the world's total emissions of 49,360 Mts of CO2 in the same year. CoinShares came to such figures using a variety of estimates regarding the efficiency of the Bitcoin network, its energy use, hardware, etc., on a global scale. As a result, it may not reflect the actual CO2 emission of the network.
In addition, the report estimates the total electricity consumption of the Bitcoin network at 89 terawatt-hours , which is far lower than that of estimates put forth by an institution such as the University of Cambridge. It is especially the case, given that the Bitcoin network's hash rate has reached. That said, electricity consumption alone is not a true contextual measure of the Bitcoin network's environmental impact.
The report sheds light on a growing debate regarding the environmental impact of Bitcoin mining. For example, influencers such as Elon Musk havefor business use in the past due to energy use concerns. The CoinShares report suggests that approximately 60% of Bitcoin's mining activity comes from fossil fuels, which is on the far lower bound of industry's estimate, as some have put the metric at a mere 25%.
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